《大行報告》野村下調百勝中國(09987.HK)目標價至554.6元 第三季業績遜預期
野村發表研究報告指,百勝中國(09987.HK)第三季業績遜於預期,相信是由於消費者信心疲弱。該行將集團2023至25年盈測下調6.8至7.1%,反映同店銷售復甦放緩及對利潤率的預測更為謹慎,目標價相應由582.7元下調至554.6元,惟重申集團的「買入」評級。
該行表示,集團收入和淨利潤分別低於市場預期4%和8%。由於同店銷售按年增長4%,加上第三季淨增500間門店的收入貢獻,第三季銷售額按年增15%,並符合先前的開店指引。不過,期內集團的餐廳利潤率較去年同期下降1.8個百分點至17%,主要是受到促銷成本增加的影響。該行認為,這反映了當前行業平淡的消費者情緒,料這種情緒將在未來幾個季度持續。
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